Drones for Oil and Gas Market size was valued at USD 14.42 billion in 2023 and is likely to cross USD 1.07 trillion by the end of 2036, expanding at more than 39.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of drones for oil and gas is estimated at USD 18.95 billion.
The market is set to witness significant growth during the forecasted period due to the rising adoption of drones across all three oil and gas industry sectors. The development of the market can also be attributed to factors such as improving drone technology globally. In January 2018, the United States awarded 19 deepwater blocks, which led to 39 bids for the 19 blocks. The auction received an approximate investment of USD 1.4 billion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
39.3% |
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Base Year Market Size (2023) |
USD 14.42 billion |
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Forecast Year Market Size (2036) |
USD 1.07 trillion |
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Regional Scope |
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The drones for oil and gas market is segmented on the basis of end-user into upstream, downstream, and midstream. The upstream application segment is anticipated to grab the most significant share by the end of 2021, as producing and exploratory wells are essential to monitor and maintain cost-effectiveness. However, with the improving drone technology, the drone monitoring market for oil and gas is growing with a high CAGR.
Based on application, the offshore segment in the global drones for oil and gas market for oil and gas is projected to grow with a high CAGR over the forecast period. The segment's growth can be attributed to the fact that drones for oil and gas are a safe & relatively cost-effective method in isolated areas offshore.
Our in-depth analysis of the global market includes the following segments
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By Application |
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By End-User |
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North America Market Statistics
Geographically, the drones for oil and gas market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. North America industry is poised to dominate majority revenue share by 2036, as the region's oil-well drilling rate is increasing. Along with this, the US accounts for the largest share due to global drone companies' presence in the region coupled with the rising adoption of drones across all three sectors of the oil and gas industry.
Author Credits: Dhruv Bhatia
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